ANALYSIS OF THE INFLUENCES OF DIVIDEND PAYOUT RATIO, RETURN ON EQUITY, GROWTH AND FIRM SIZE ON STOCK VALUE WITH LEVERAGE AS MEDIATING VARIABLE
DOI:
https://doi.org/10.22219/jaa.v3i1.11501Keywords:
Dividend Payout Ratio, Leverage, Return on Equity, Sales Growth, Total AssetsAbstract
This study aims to examine the internal factors that influence the value of a company's shares mediated by the leverage. The sample of this research is the firms listed in the Indonesia Stock Exchange (IDX) during the period 2017 - 2019. Data collected with the purposive method and obtained 102 companies in the year observed. This study uses multiple regression analysis and regression analysis with interaction. Based on the results of multiple regression analyses, this study found that return on equity and total assets influence the value of shares with positive direction, while debt to equity, dividend payout ratio and growth sales do not affect share value. While based on the results regression analysis with interactions, this study found that leverage strengthens the effect of dividend payout ratio and sales growth on share value, and weaken the impact of return on equity and total assets on share value.
Downloads
References
Barakat, Abdallah. (2014). The Impact of Financial Structure, Financial Leverage and Profitability on Industrial Companies Shares Value (Applied Study on a Sample of Saudi Industrial Companies). Research Journal of Finance and Accounting, 5(1); 55-66.
Brigham, Eugene F & Joel F. Houston. (2018). Fundamentals of Financial Management, 15th Edition. Mason: South-Western Cengange Learning. Ginting,
Suriani & Suriany. (2013). Analisis Faktor-Faktor yang Memengaruhi Harga Saham pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 3 (2); 61-70.
Handoko, Purwo. (2017). The Influence of Firm's Size, Growth, and Profitability on Firm Value with Capital Structure as the Mediator: A Study on the Agricultural Firms Listed in the Indonesia Stock Exchange. International Journal of Economics and Finance, 9(8); 103-110.
Husnan, Suad. (2015). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas, Edisi. Yogyakarta: UPPN STIM YKPN.
Kadim, A & Sunardi, Nardi. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan Terhadap Leverage Implikasi Terhadap Nilai Perusahaan Cosmetics and Household yang terdaftar di Bursa Efek Indonesia. Jurnal SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi), 3 (1); 22-32.
Manoarfa, Rio. (2018). The ROle of Profitability in Mediating the Effect of Dividend Policy and Company Size on Company Value. 4(2); 35-44.
Marlina, Tri. (2013). Pengaruh Earning per Share, Return on Equity, Debt to Equity dan Size terhadap Price to Book Value. Jurnal Ilmiah Akuntansi Kesatuan, 1(1); 59-72.
Putranto, Ashari D & Darmawan, Ari. (2018). Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, dan Nilai Pasar terhadap Harga Saham. Jurnal Administrasi Bisnis, 56 (1); 110-117.
Rizqia, Dwita R., Aisjah, Siti and Sumiati. (2013). Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment opportunity on Devidend Policy and Firm Value. Research Journal of Finance and Accounting, 4(11); 120-130
Rosikah; Prananingrum, D.K., Muthalib, D.A., Aziz, M.I., and Rohansyah, Miswar. (2018). Effects of Return on Asset, Return on Equity, Earning per Share on Corporate Value. The International Journal of Engineering and Science, 7(3); 06-14.
Sadiah, Kamilah. (2018). The Effect of Corporate Financial Ratio upon the Company Value. The Accounting Journal of Binaniaga, 3(2); 75-88.
Sitorus, Tigor. (2016). The Influence of Profitability and Debt Ratio toward the Value of Stock Mediated by Issuer's Action (Empirical Study on Fishery Companies Listed on the Endonesia Stock Exchange Period 2008-2014). Asia-Pasific Management and Business Application, 4(3); 96-111.
Sjahrial, Dermawan. (2007). Manajemen Keuangan Lanjutan, Edisi Pertama. Jakarta: Mitra Wacana Media.
Sudaryanto, Budi & Nugraha, Rheza D. (2016). Analisis Pengaruh DPR, DER, ROE, dan TATO terhadap Harga Saham (Studi Kasus pada Industri Dasar dan Kimia yang Terdaftar di BEI Periode 2010-2014). Diponegoro Journal of Management, 5 (4); 1-12. T
ambunan, Andy P. (2010). Menilai Harga Wajar Saham (Stock Valuation). Jakarta: PT Elex Media
Van Horne, James C., dan Wachowicz, JR. John M. (2007). Prinsip-prinsip Manajemen Keuangan 2, Edisi 12. Jakarta: Salemba Empat.
Downloads
Published
Issue
Section
License
Copyright (c) 2020 Novia Utami
![Creative Commons License](http://i.creativecommons.org/l/by-nc-sa/4.0/88x31.png)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Jurnal Akademi Akuntansi is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
Jurnal Akademi Akuntansi dilisensikan di bawah lisensi Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International.
Penulis yang menerbitkan artikel di jurnal ini menyetujui ketentuan berikut:
- Penulis mempertahankan hak cipta dan memberikan hak jurnal atas publikasi pertama dengan karya yang secara serentak dilisensikan di bawah Lisensi Pengaitan Creative Commons yang memungkinkan orang lain untuk berbagi karya dengan pengakuan atas karya penulis dan publikasi awal dalam jurnal ini.
- Penulis dapat masuk ke dalam pengaturan kontrak tambahan yang terpisah untuk distribusi non-eksklusif versi karya jurnal yang diterbitkan (misalnya, mempostingnya ke repositori institusional atau mempublikasikannya dalam sebuah buku), dengan pengakuan publikasi awalnya di jurnal ini.
- Penulis diizinkan dan didorong untuk memposting pekerjaan mereka secara online (misalnya, di repositori institusional atau di situs web mereka) sebelum dan selama proses pengajuan, karena dapat mengarah pada pertukaran produktif, serta kutipan pekerjaan sebelumnya dan yang lebih besar (Lihat Pengaruh Akses Terbuka).